According to recent media reports Deutsche Bank AG has hinted it may boost the number of its asset and wealth management staff in Asia by between 5 to 10 percent this year as part of their revamped strategy to boost growth.
Ravi Raju, Asia-Pacific head of Deutsche Asset & Wealth Management, said in an interview in Hong Kong, “We might do some bold moves to take Asia into the next growth phase.”
Wealth management is one of the few areas that Co-Chief Executive Officers Juergen Fitschen and Anshu Jain are expanding as part of the biggest strategic overhaul of their three-year tenure. With steady and continued wealth growth forecast across Asia it would make sense to leverage into the market in an effort to gain more market share.
Concentrating efforts on China, India and Indonesia compliance, technology and the much in demand relationship managers could be added to the more than 800 employees in the region.
Under a plan announced last month, the firm aims to sell part of its consumer-banking business and scale back the securities unit as it retreats from seven to 10 of the 70 countries in which it operates.
Deutsche Bank then plans to invest more than 1.5 billion euros in the transaction banking, asset and wealth-management businesses as part of the strategic overhaul.
